Vinchain Decentralized Vehicle Market

The market in economics, is where sellers and buyers meet. Buying and selling transactions that occur do not always require a physical location. The market in question can refer to the country where the goods are sold and marketed. It describes the meeting between demand and supply of goods. A company or individual can operate in the goods market by offering goods or production also making demand for the product. One of the industries that is developing a project about buying and selling vehicles by understanding the history of vehicles that want to transact it is VINCHAIN.

WHAT IS VINCHAIN?

VinChain is a blockchain database that records all information related to the vehicle. For each vehicle, information accumulates during the entire period of use. This history is transparent and easily accessible to everyone. To protect the accuracy of information, distributed storage technology is used. It ensures absolute reliability and data security.
Every day hundreds of thousands of used cars are sold in the world, and
every buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and security issue.
Unfortunately there is no single car database. There is a commercial base, but it does not solve this problem. Their information is stored centrally and there is an incorrect risk. The commercial base is closed and does not exchange information among themselves. As a result, car buyers risk resigning and losing money.

HOW TO WORK VINCHAIN

Since only the seller is aware of the true condition of the rescue car, it is not easy for the buyer to predict whether the car is really in "good" or "bad" condition.
VinChain is the world's leading decentralized automotive data market. The VinChain team is working to ensure complete transparency of the history of a vehicle.

Used car market is an example. When selling a car, the seller usually knows more about the vehicle than the buyer. This is a problem for the buyer because it opens it for possible fraud. To hedge against the risk of buying a 'bad' car buyers reduce the price they are willing to pay for the vehicle. This could cause the entire used vehicle market to disappear.

How:
Buyers can not distinguish good cars from bad ones, so they are willing to pay less for their vehicles. This reduces the average price of the vehicle.
Because of lower average prices, most cars are sold poor quality, so those who sell good cars leave the market.
As a result, the average quality of goods on the market deteriorates further, and as a result buyers are willing to pay less than ever. Because of this the average price of a car reduces further.
Now mid-size car salesmen are forced to leave the market
The quality of the car will worsen again, and the average number of buyers willing to pay will drop proportionately. This cycle will continue until the buyer stops buying the car because they will assume that the quality is bad.
As a result, this will lead to a loss of the market as a whole. This is the nature of the market with asymmetric information. This cycle can only be stopped by eliminating information asymmetry. Solution: The VinChain VinChain project solves the asymmetric information problem in the used vehicle market by creating a decentralized, unchanged, transparent, safe, and reliable vehicle lifecycle repository.

PROJECT OBJECTIVES

Create blocks with different levels of access and information protection.
The level of data security should be in accordance with the needs of government agencies.
Create infrastructure and provide direct access to the database for every market participant.
Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, into a single ecosystem for the purposes of data exchange.
TOKEN SALE

Role Token: Enable data trading between data owner and buyer
Symbol: VIN
Supply: 1,000,000,000 VIN
Sale: 600,000,000 VIN
Emission Level: No new token will be created
Price: 1 VIN = 5 cents
Accepted Currencies: ETH, BTC, XRP, LTC, WAVES, USD, EURO
Sales Period: March 22, 2018 14:00 UTC to 15 April 2018 14:00 UTC
Token distribution date: April 17 - April 29, 2018
Minimum goal: $ 5,000,000
Maximum goal: $ 34.5 million

TEAM